Crypto markets consolidate as ETF flows stabilise

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Introduction

This week was a tug-of-war between macro relief and structural shifts. The US government’s potential reopening could restore regulatory momentum, unlocking ETF approvals and clearing the backlog of crypto filings. Bitcoin remains range-bound near US$102K as ETF flows stabilise, while Ethereum consolidates ahead of its Fusaka upgrade.

Meanwhile, altcoins steal the spotlight. XRP’s ETF upcoming debut marks a watershed for regulatory acceptance, and Solana’s inflow streak underscores institutional appetite for high-beta plays. DeFi tokens like UNI surged on governance reforms, and stablecoins cemented their role in global payments with Visa and JPMorgan leading integration. The IRS staking greenlight adds a new yield dimension to ETFs, setting the stage for capital rotation into Proof of Stake networks.

Check prices on the BTC Markets exchange.

State of crypto

• Bitcoin consolidates near US$102K as ETF flows stabilise
• Ethereum holds US$3,400 ahead of Fusaka upgrade
• XRP ETF set to launch on Nasdaq, inflows projected above US$8B
• Solana ETFs log 11-day inflow streak totalling US$350M
• Visa pilots stablecoin payouts; JPMorgan launches deposit token
• IRS approves staking for ETFs, unlocking new yield opportunities

Bitcoin consolidates near US$102K as ETF flows stabilise

Bitcoin traded between US$99K and US$107.5K this week and is currently near US$102K after repeated attempts to break above US$107K. ETF inflows briefly returned, adding US$300M early in the week, but momentum faded as whales sold into strength. Liquidations reached US$370M in 24 hours, highlighting fragile sentiment. Key levels remain the US$100K psychological floor and US$110,800 resistance. Institutional buying provides some support, but risk remains skewed to the downside.

Check BTC

Daily ETF flows turned negative on 12 November, with US$108.23M in outflows, breaking recent momentum. Despite this, cumulative inflows are strong at US$60.38B, and total net assets stand at US$137.30B, representing 6.67% of Bitcoin’s market cap. Trading activity was robust at US$3.66B, though price action softened, with major ETFs down about 1.2%. GBTC and ARKB led withdrawals, while most other funds were flat, signalling continued rotation toward low-fee products amid persistent redemptions in legacy vehicles.

Ethereum holds support ahead of Fusaka upgrade

Ethereum hovered around US$3,400 – US$3,550, with resistance at US$3,700 and support near US$3,300. ETF flows were flat after US$107M in outflows last week, but whales accumulated over 500,000 ETH, signalling long-term confidence. The Fusaka upgrade on 3 December could improve Layer-2 scalability and staking efficiency, a potential catalyst for renewed inflows.

Check ETH

Altcoins rotate as XRP ETF is set to launch and Solana inflows surge

The first spot XRP ETF is set to list on the Nasdaq this week, marking a regulatory milestone. Inflows are projected above US$8B, though XRP slipped ~5% as traders sold the news. Analysts see US$5 – US$10 as a realistic long-term target if adoption accelerates

Check XRP

Meanwhile, Solana ETFs logged 11 straight days of inflows, totalling US$350M, even as SOL price consolidated near US$160. Institutional appetite for staking yields and diversification is driving this rotation.

Check SOL

DeFi heats up as Uniswap activates fees

Uniswap’s governance overhaul introduced protocol fees and a token burn mechanism, with a retroactive burn of 100M UNI and projected annual burns of US$500M. UNI rallied over 40% on the news, highlighting how tokenomics changes can create supply shocks.

Check UNI

Stablecoins go mainstream

Visa launched a pilot for fiat-funded stablecoin payouts via Visa Direct, enabling near-instant USDC transfers. Circle’s USDC overtook Tether in on-chain activity, driven by regulatory clarity and partnerships with Visa and JPMorgan. JPMorgan rolled out its deposit token for institutional settlement, signalling deep TradFi integration.

Check USDC

IRS clears staking for ETFs

The US Treasury and IRS approved staking for crypto ETFs, allowing funds to earn and distribute rewards on PoS assets like ETH and SOL. This regulatory clarity could attract billions in inflows and make staking-enabled ETFs a dominant theme into 2026.

Crypto Fear & Greed Index

Source: Fear & Greed Index

BTC Markets in the news

AFR: Bitcoin faces big test after flash crash as investors flee ETFs

“Now markets face a real test of conviction,” said Charlie Sherry, Head of Finance at BTC Markets. “The next move hinges on flows; if ETF demand returns and macro conditions ease, we could see a rebound. If not, it’s a slow grind into year-end.”

The Australian: Women’s crypto investment habits reveal key to trading success

Australia’s crypto landscape is shifting as women enter the market with stronger intent and larger initial deposits. BTC Markets research shows a sharp rise in female participation, challenging long-held assumptions about trading behaviour.

BTC Markets' crypto analyst Rachael Lucas said to The Australian, “This signals that when women enter the market, they are doing so with confidence and intent.” She also stated, “Women are entering the market with intent, bringing larger deposits, making fewer trades, and seeing steady returns.”

Bloomberg: Bitcoin Traders Are Still Rattled After US$340 Billion Wipeout

Rachael Lucas, analyst at BTC Markets said: The recent lift in crypto prices looks like a classic short-covering rally, layered with a dash of institutional FOMO. Bitcoin bounced off key support at the 50-week SMA around US$103,000 after testing lows near US$98,900 and is now eyeing resistance at US$110,400. If it breaks above that, we could see a run toward US$115,600 to US$118,000.

On the downside, US$103,000 remains a critical structural level. A break below that could open the door to US$86,000, with deeper support at US$82,000 aligning with the 100-week SMA. Any slip below those zones could reignite selling pressure.

Announcements

Every trade changes lives

On Tuesday, 18 November, BTC Markets will donate 100% of our trading profits to the ASX Refinitiv Charity Foundation. This marks our fourth year supporting this incredible initiative alongside NAB Trade and Citi.

How do I participate

All you need to do is trade as usual on the day. Every buy or sell helps fund Australian charities delivering essential services and support.

Let’s make this the biggest year yet.

Learn more

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The Blockies 2025

We’re proud to announce our sponsorship of The Blockies 2025, hosted by the Digital Economy Council of Australia (DECA), a night celebrating Australia’s leading innovators and builders in blockchain and digital assets. This partnership reflects our ongoing commitment to innovation, security, and client excellence, and our support for initiatives that recognise progress and leadership across the blockchain industry.

Learn more

The week ahead: Economic events

Thursday, November 13th

• United Kingdom GDP Growth Rate, Annual Growth Rate, Monthly GDP MoM

Friday, November 14th

• China Industrial Production, Retail Sales YoY

Monday, November 17th

• Japan GDP Growth Rate
• Canada Inflation Rate

Tuesday, November 18th

• Australia Interest Rate

Wednesday, November 19th

• Japan Balance of Trade
• United Kingdom Inflation Rate
• United States Building Permits, Housing Starts

Source: Trading Economics

Market reflections

• United States: Risk appetite improved as progress toward ending the U.S. shutdown eased market concerns and supported the dollar
• Europe: The ECB said policy rates are at the “right level” unless inflation or transmission trends shift
• China: Consumer prices rose 0.2% in October and producer-price declines narrowed, but overall demand remained subdued
• Japan: The BoJ kept rates steady, and its meeting summary signalled a higher likelihood of a rate hike
• Australia: Business activity strengthened in October, while the RBA left the cash rate unchanged amid persistent inflation pressures

Global markets focused on policy signals and the pace of the recovery. In the United States, progress toward resolving the government shutdown lifted sentiment across equities and credit markets. Delayed official data still created uncertainty around the labour outlook, so investors relied on private indicators that pointed to mixed conditions. The dollar remained firm as markets assessed how quickly fiscal stability might return.

In Europe, the tone from policymakers stayed steady. A recent statement from the European Central Bank noted that current interest rates sit at the “right level” unless inflation patterns or monetary-policy transmission show clear deviations. This reinforced expectations of a cautious stance as the region continues to face soft activity and uneven demand across key sectors.

Across Asia, regional conditions varied. In China, consumer prices increased by 0.2% in October and factory-gate deflation eased. This signalled some stabilisation in supply conditions, although domestic demand remained weak and limited the strength of the recovery. In Japan, the Bank of Japan left its policy rate unchanged, but the latest meeting summary revealed that several board members viewed a near-term rate hike as increasingly likely. Inflation stayed close to 3%, and policymakers noted improving conditions for gradual normalisation.

In Australia, the RBA kept the cash rate at 4.35% and noted an improvement in business activity during October. Survey data pointed to firmer conditions in the private sector, although households still faced pressure from elevated prices and modest wage growth. The central bank emphasised the need for clearer progress toward its inflation target before adjusting policy.

Overall, the week’s releases underscored uneven recovery trends across major economies. Central banks continued to emphasise stability over early stimulus as markets adjusted to a slower and more deliberate phase of normalisation.

Closing thoughts

Expect volatility as markets digest ETF launches and macro signals. Bitcoin needs a decisive break above US$107K to flip momentum; failure could retest US$99K. Ethereum’s upgrade and staking-enabled ETFs are near-term catalysts. Altcoin rotation may persist, with SOL and UNI positioned for upside if inflows hold. Stablecoin adoption and TradFi integration remain structural tailwinds. Watch for inflation data and Fed commentary, liquidity cues will dictate risk appetite into year-end.

Online safety: How to avoid fake job offers

Online job offers can appear attractive, especially when they promise quick earnings or flexible work. However, some of these opportunities are designed to obtain your personal details or ask for payments before any real work begins. These messages may impersonate well-known companies or recruiters, making them seem legitimate at first glance.

You may be asked to send money through bank transfer, PayID, or cryptocurrency to “activate” a role or complete simple tasks. In some cases, small initial payments are provided to build trust, followed by larger requests. These tactics aim to create urgency and prevent you from verifying the opportunity.

What to watch out for

• Unexpected job invitations through text or encrypted apps such as WhatsApp, Signal, or Telegram.
• Offers of easy, high-paying work with no interview or questions about your experience.
• Requests for upfront payments or cryptocurrency deposits to access tasks or secure a role.
• Job descriptions involving transferring funds, purchasing items, or handling packages for others.
• Pressure to act quickly, pay “recruitment fees,” or cover training costs.

How to stay safe

• Be cautious with online job ads, including those on reputable platforms, as listings can be copied or impersonated.
• Never send money or share banking or cryptocurrency details with someone you only know online.
• Verify recruiters through official company websites or trusted channels, not through links in a message.
• Take your time. Legitimate opportunities will not require upfront payments.
• Avoid sharing sensitive personal information (such as passport or ID details) unless you are certain the employer is genuine.

If you’ve shared information or made a payment, secure your accounts immediately and update your passwords.

Protect yourself and others. Learn more at scamwatch.gov.au.

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